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Keyword: iras

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  • Trumponomics Makes 401(k) Millionaires Like The Swiss Make Chocolates

    08/20/2018 8:31:50 AM PDT · by SeekAndFind · 20 replies
    IBD ^ | 08/21/2018
    It was a little report, one you might easily have missed, from the people at Fidelity Investments: The number of people with more than a million dollars in their 401(k) is soaring. Bad news for the economics of envy. Fidelity says that the number of people at the end of the second quarter with a million dollars or more in their Fidelity 401(k) surged by 50,000 to 168,000, a 42% gain. Fidelity has 16.1 million 401(k) accounts under management, with an average balance of $104,000, up 6.4% from a year ago. "Individuals are increasing their savings rates, they're taking advantage...

    12/01/2017 10:46:43 AM PST · by DIRTYSECRET · 27 replies
    Most nest eggs don't go much higher. Since the amount is not that much it will encourage people to keep working-at least part time. People with pensions and SSI seem to be getting gravy train investments that the poor just don't have access to. From time to time congress can allow $100k withdrawals for investment purposes as long as they have that extra $100k($600k). Keeps the money flowing.
  • Looking for Input from Freepers on Retirement Accounts

    04/25/2017 7:36:12 AM PDT · by Alberta's Child · 42 replies
    Self | April 25, 2017 | Alberta's Child
    Sorry for the vanity, but I'm dealing with a financial situation that is apparently a very unusual one and isn't easily addressed through traditional means. Long story short ... I'm looking into some options for opening a self-directed IRA (which is different from a self-managed IRA). The tax rules about these accounts are complicated, but I've determined that I can navigate them with minimal outside help. The issue I'm facing is that the IRS requires a third-party custodian to be involved in the process to file the necessary paperwork and annual tax forms. For the life of me, I cannot...
  • Financial Industry May Control Retirement Savings In A Clinton Administration

    10/20/2016 5:15:24 AM PDT · by randita · 19 replies
    International Business Times ^ | 10/19/16 | BY DAVID SIROTA AND AVI ASHER-SCHAPIRO
    illary Clinton And Wall Street: Financial Industry May Control Retirement Savings In A Clinton Administration BY DAVID SIROTA @DAVIDSIROTA AND AVI ASHER-SCHAPIRO ON 10/19/16 AT 12:50 AM Blackstone's Tony James: America's Not Great at Saving While Hillary Clinton has spent the presidential campaign saying as little as possible about her ties to Wall Street, the executive who some observers say could be her Treasury Secretary has been openly promoting a plan to give financial firms control of hundreds of billions of dollars in retirement savings. The executive is Tony James, president of the Blackstone Group. The investment colossus is most...
  • Academics Want Your IRAs

    11/06/2015 7:11:59 AM PST · by Academiadotorg · 55 replies
    Accuracy in Academia ^ | November 6, 2015 | Malcolm A. Kline
    When academics are ready to fix a problem, hold onto your wallets. “America’s middle class faces a growing retirement crisis,” Christian Weller and Teresa Ghilarducci write in an issue brief for the Center for American Progress (CAP). “More than half of all working-age households are expected to be at risk of having to cut back their standard of living—often making painful adjustments—when they retire. “ “There are several reasons for the ever-larger looming crisis, but people’s inability to save enough money is a key obstacle to achieving more retirement security. On average, Americans need to save between 10 percent and...
  • Obama plan: Cut tax breaks for richest retirement savers

    02/21/2014 10:56:56 AM PST · by reaganaut1 · 60 replies
    Market Watch ^ | February 21, 2014 | Robert Powell
    President Barack Obama plans to ask Congress in early March, as part of his fiscal 2015 budget, to reduce some of the tax advantages for employer-sponsored retirement plans for higher-income earners, according to published reports. Plus, the president wants to limit the value of all tax deductions, defined contribution exclusions and IRA deductions to 28% of income and include an overall cap on all retirement accounts, including pensions, that could bring in $1 billion a year in new tax revenue, according to a Pensions & Investments report. According to the report, the proposals are designed to direct more of...
  • Theyre Coming For Your Savings

    10/18/2013 7:39:48 AM PDT · by Rusty0604 · 78 replies
    Dollar Collapse ^ | 10/12/2013 | John Rubino
    Another of historys many lessons is that governments under pressure become thieves. And todays governments are under a lot of pressure. Before we look at the coming wave of asset confiscations, lets stroll through some notable episodes of the past, just to make the point that government theft of private wealth is actually pretty common... Will more countries introduce capital controls or asset confiscations in the next few years? Duh, of course. Debt levels are unmanageable, so they have to be lowered. And there are only three ways to do it: deflationary collapse that wipes out the debt through default,...
  • Astronomy Picture of the Day -- IRAS 20324: Evaporating Protostar

    09/04/2013 4:04:22 PM PDT · by SunkenCiv · 12 replies
    NASA ^ | September 04, 2013 | (see photo credit)
    Explanation: Will this caterpillar-shaped interstellar cloud one day evolve into a butterfly-shaped nebula? No one is sure. What is sure is that IRAS 20324+4057, on the inside, is contracting to form a new star. On the outside, however, energetic winds are blowing and energetic light is eroding away much of the gas and dust that might have been used to form the star. Therefore, no one is sure what mass the resulting star will have, and, therefore, no one knows the fate of this star. Were the winds and light to whittle the protostar down near the mass of the...

    05/01/2013 5:21:22 AM PDT · by SeekAndFind · 32 replies
    The National Deficit, along with the lack of demand for Treasury Bonds, leaves the government with no other option!And what you dont know can hurt you!Goldworth Financial first uncovered the early blueprint of our governments plot to seize retirement accounts in early 2009. Since that time, we have come up with 10 Basic Questions that people have about this issue: 1. Whos behind the plot to confiscate retirement accounts?The government takeover of private retirement accounts is a concept first drawn up by Teresa Ghilarducci, who was funded by the White House, the Ford Foundation, and the Rockefeller Foundation. President Obamas...
  • Finding ET in the Data (Hunt for Dyson spheres heats up)

    04/17/2013 9:10:14 AM PDT · by LibWhacker · 33 replies
    Centauri Dreams ^ | 4/17/13 | Paul Gilster
    Finding ET in the Data by Paul Gilster on April 17, 2013 As we saw yesterday, the Infrared Astronomical Satellite (IRAS) has been the source of data for a number of searches for unusual infrared signatures. The idea is to look for the artifacts of advanced extraterrestrial civilizations, under the assumption that a sufficiently advanced culture will be capable of engineering projects that could be detected from light years away. A Dyson sphere, existing either as a completely enclosed star or as a swarm of artifacts around a star, is but one example of such engineering, but its a sensible...
  • Why A Cyprus-Like Seizure Of Your Money Could Happen Here

    04/08/2013 10:43:49 PM PDT · by Tolerance Sucks Rocks · 29 replies
    Forbes ^ | March 25, 2013 | Steve Forbes
    Dont put it past our politicians to try it in a financial emergency. The breaking of contracts by the U.S. government, unfortunately, has happened before, and whats under way in Cyprus shows that feckless politicos will continue to try such things. In 193334, amid the depths of the Great Depression, the U.S. government seized the American peoples gold holdings. From that point, until 1975, it was illegal for Americans to own gold, other than in some forms of jewelry or collectors coins. In the panic of the Depression years the courts upheld this unconstitutional confiscation. Yes, people received dollars in...
  • With Budget Proposal Obama Tells Us What Is A Reasonable Amount To Have In Retirement Accounts

    04/06/2013 12:51:50 PM PDT · by smoothsailing · 106 replies
    Lonely Conservative ^ | 4-6-2013 | Lonely Conservative
    With Budget Proposal Obama Tells Us What Is A ‘Reasonable’ Amount To Have In Retirement Accounts April 6, 2013 Lonely Conservative With his budget proposal, President Obama has told us what he believes is a “reasonable” amount to have in a retirement account. $3 million is the number he chose. According to a White House statement, the Obama administration believes the current rules allow some wealthy individuals “to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving.”“The budget would limit an individual’s total balance across tax-preferred accounts to an...
  • ETFs Or Mutual Funds For Your IRA?

    01/07/2013 11:01:24 AM PST · by Ernest_at_the_Beach · 5 replies ^ | July 19, 2012 | Tim Parker
    Isn't freedom great? If you've held a company-sponsored 401(k) or 403(b), you know that your company gave you a false sense of freedom. They said that you were "free" to pick from any one of the handful of mutual funds that they picked for you. Picking from their choices doesn't seem like much freedom, but maybe you took the extra step and opened an IRA. Now that's freedom. With IRAs opened outside of your company, you have the choice of just about any investment option on the market. Ninety-four billion dollars is invested in self-directed IRA accounts, where many...
  • Obama Begins Push For New National Retirement System

    11/22/2012 1:13:55 AM PST · by lowbridge · 93 replies ^ | november 21, 2012 | steve foley
    A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administrations effort to nationalize the nations pension system and to eliminate private retirement accounts including IRAs and 401k plans, NSC is warning. The hearing, held in the Labor Departments main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans. This hearing was set up to explore why Americans...
  • Government Sets Its Sights - Redistribute the Wealth of Americas Older Citizens

    11/21/2012 10:37:47 AM PST · by blam · 100 replies
    SHTF Plan ^ | 11-20-2012 | Mac Slavo
    Government Sets Its Sights on Private Retirement Accounts: Giant Effort to Redistribute the Wealth of Americas Older Citizens Mac Slavo November 20th, 2012 A new effort by the Obama administration, Congress, the Treasury Department and labor unions aims to fundamentally alter how Americans plan and save for retirement. Warnings have been popping up over the last several years about the possibility of re-appropriating the $3.5 Trillion sitting in private retirement and spreading those funds around to Americans who are deemed less fortunate. This couldnt possibly happen in America, right? At one time, most Americans also believed heath care mandates that...
  • Feds eye retirement-fund tax to cut $16 trillion-plus deficit

    04/22/2012 4:46:02 PM PDT · by DeaconBenjamin · 78 replies
    New York Post ^ | 8:25 AM, April 22, 2012 | By GREGORY BRESIGER
    Uncle Sam, in a desperate attempt to fix its $16 trillion-plus deficit, is leering over Americans retirement nest egg as its new bailout fund. Capitol Hill politicians are assessing tax changes that could let the Internal Revenue Service lay claim to a portion of the $18 trillion sitting in 401(k) accounts and other tax breaks used by middle-class workers, including cutting the mortgage tax deduction. A commission looking for ways to close the deficit, and, noting the extent of 401(k) tax breaks, recommends an examination of the system as one way to prevent government bankruptcy. Besides 401(k)s, other possibilities include...
  • Self-Direct Your Retirement

    10/16/2011 8:30:39 AM PDT · by Kaslin · 19 replies ^ | October 16, 2011 | Kathy Fettke
    If you didn’t know anything about the stock market before October 4, you’d think the US had the strongest economy ever.  The Dow rallied more than 1,220 points since then - a gain of 12%! Naturally, the uninformed investor may think it’s time to jump into this bull market. However, thousands of investors are waking up to the reality of Wall Street - that it’s become more of a Vegas gamble than an investment based on fundamentals. Nothing is backing this latest rally, except for a few headlines swaying public sentiment. When the media announces that Europe has found a...
  • Its Another Assault On Retirement Accounts (Will bankrupt Gov't Steal from Retirement Funds?)

    07/28/2011 2:30:29 PM PDT · by SeekAndFind · 17 replies
    Zero Hedge ^ | 07/28/2011 | Simon Black
    When I was a kid, it was a big deal when the postman came around. He was an important man carrying important documents from far away lands that we could only dream about and each time he pulled up there was a brief glimmer of anxiety, wondering what unexpected surprise he might be delivering that day. At the time, I remember postage stamps for first class mail costing about 20 cents. If youre a bit older than me, you might remember them being much cheaper than that. In fact, prior to President Nixon taking the US dollar off the gold...
  • How the US Government Will Seize Your Retirement Account

    05/12/2011 8:25:48 AM PDT · by blam · 79 replies
    EPJ ^ | 5-12-2011 | Simon Black
    How the US Government Will Seize Your Retirement Account By Simon BlackMay 12, 2011 Following in the footsteps of a rather ignominious list of nations like Argentina and Hungary, the government of lreland is set to take its 'fair share' of private retirement funds. Drowning in debt and faced with unpopular, unrealistic, ridiculously unpopular austerity measures, the government has announced that it will now tax private pension savings in order to raise 470 million euros (roughly $675 million) per year... a lot of money in a country of only 4.4 million people. Somehow, the government expects to be able to...
  • Watch Out! Feds Could Seize Your Private Retirement Savings

    05/22/2011 5:04:36 AM PDT · by KeyLargo · 166 replies
    NewsMax ^ | May 21, 1011 | Greg Brown
    Newsmax Watch Out! Feds Could Seize Your Private Retirement Savings Saturday, May 21, 2011 04:58 PM By: Greg Brown How long before Uncle Sam hits private pensions to balance the public budget? Its quickly becoming a reasonable question to ask. Treasury Secretary Timothy Geithner is ringing alarm bells across Washington, D.C., warning of a disastrous outcome if an agreement to raise the debt ceiling is not made soon. A default would call into question, for the first time, the full faith and credit of the U.S. Pensions, Federal Government, Debt Ceiling, Retirementgovernment, Geithner wrote in a letter Friday to Sen....